M&G Real Estate Asia increases commitment to Asia logistics
M&G Real Estate Asia, through its M&G Asia core property strategy, has become a majority shareholder in the fully leased ESR Ichikawa Distribution Center, in a deal that builds on its geographical footprint in Japan and its strong relationship with ESR as developer and operator of the logistics facility.
The transaction further increases M&G’s exposure to the logistics sector and reaffirms its commitment to its logistics strategy in Asia. Through this $267 million acquisition, M&G has raised its stake in the asset from 25 percent to 58.3 percent.
Located in the prime distribution submarket of Ichikawa City in the Greater Tokyo Bay Area, the state-of-the-art four-story asset carries the CASBEE S (the highest) rating and holds one of Japan’s most prestigious awards for outstanding green design innovations. It is the fund’s largest logistics facility with 201,111 square meters (2.2 million square feet) of rentable space in an area favored by leading